RATIONALISATION OF INCOME TAX
- February 13, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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RATIONALISATION OF INCOME TAX
TOPIC: Economy
Context- 11 crore file taxes via TDS but only 7 crore file returns; this needs to improve, says Tarun Bajaj Revenue Secretary.
Concept-
What Is a Tax Base?
- A tax base is a total amount of assets or income that can be taxed by a taxing authority, usually by the government.
- It is used to calculate tax liabilities. This can be in different forms, including income or property.
TDS/TCS:
- Tax Deduction at Source: A person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
- Tax Collection at Source: It is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account.